Important documents Before investing please ensure that you have read the Fidelity Key Features Document (incorporating the Fidelity Client Terms) and the fund information documents. These can be found by clicking on the 'Important documents' link.

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Biography

Phil Milburn is an investment manager in the fixed income team. He joined Kames Capital in 1997 from the University of Edinburgh, where he earned a first class honours degree in Economics. After spells in UK and Latin American equities, Phil joined the fixed income team, where he now manages strategic and high yield bond portfolios . Phil is also an integral member of the Investment Association Fixed Income Committee, helping lead on many industry initiatives.

Biography

Mar 2010 Present, Investment Director High Yield, Standard Life Investments
Jul 2008 Feb 2010, Deputy Fund Manager, Old Mutual Asset Managers, Responsible for all aspects of portfolio construction, stock research and selection, and execution under the duration strategy guidance of Head of Fixed Income.
Jul 2008 Jun 2009, High Yield Credit Analyst, Old Mutual Asset Managers, Working with fund manager in the selection of corporate bonds (IG and High Yield). Extensive input into portfolio strategy with fund manager and Fixed Income team.
Jan 2008 Jun 2009, Associate, CIBC World Markets
Promoted to Associate within the portfolio management area of CIBCs leveraged loans business, responsible for the ongoing monitoring of a portfolio of loans, including waiver requests, client liaison, risk monitoring and reporting.
Jan 2007 Jan 2008, Analyst, CIBC World Markets
Employed to assist in the selection and management of high yield and leveraged loan assets during the ramp-up phase of CDO construction, role changed immediately upon commencement to that assisting the sell-side High Yield Desk, where responsibilities included the analysis and presentation of new issues to the bond sales team, preparation of tear sheets on various European HY issuers, and support of desk analysis during reporting season.
Dec 2005 Dec 2006, Credit Risk Analyst, M&G Investment Management
Role involved the analysis of a range of European banks, brokers, and securities firms and the establishment and renewal of trading limits in a range of products including equities, fixed income, OTC derivatives, leveraged loans, securities lending, money market instruments and cash.
Mar 2005 Dec 2005, Credit Operations Manager, Royal Bank of Scotland
Employed on a contract basis within RBS Corporate Banking and Financial Markets division and involved covenant management for the corporate bank. Responsibilities included the spreading and analysis of management information and financial statements, the testing of a range of standard and non-standard financial covenants, and instigation of the breach/waiver process.
Feb 2003 Feb 2005, Graduate Programme / Credit Analyst, National Australia Bank
Recruited onto NABs graduate program from university, I rotated through a number of roles in corporate banking and property development finance, eventually being fast-tracked into Credit Analyst role.
Jan 1997 Nov 2001, Australian National University
Bachelor of Arts (Political Science) / Bachelor of Economics (Microeconomics)
CFA Charterholder
Training
Moodys Training Service Bank Credit Risk Analysis Feb 2006
UKSIP Investment Management Certificate May 2006
Moodys Training Services Securities Firms Analysis Jun 2006
Fitch Training Early Warning Signals Masterclass Mar 2007
BPP Prof. Development ractical Financial Modelling Sep 2007
Euromoney Training CDS: Applications, Valuation & Trading Aug 2010

Fund Objective to provide a combination of capital growth and income.

Key Statistics

Fund Status

Fund Type

OEIC

ISIN

GB0031425563

12-Month NAV High

£2.59

12-Month NAV Low

£2.29

Fund Comparative Index

-

Morningstar CategoryTM

Global High Yield Bond - GBP Hedged

Dividend Frequency

Monthly

Distribution Yield

5.54%

Underlying Yield

4.75%

Transactional Charges

Fund Manager's Buy Charge

Fund Manager's Sell Charge

Annual Charges

Ongoing Fund Charges

0.79%

Rebate

0.00%

Our Service Fee*

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Total Costs

0.79%

Ongoing Fund Charges

0.79%

Our Service Fee*

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Total Cost

0.79%

* Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs.

* Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs.

Morningstar ratings

as of
31/10/2016

Overall

3 Years

5 Years

10 Years

One or more funds cannot be shown as they have less than one year of performance data.

Growth of £1000

as of
08/12/2016

Past Performance (%)

Important Information

The value of the fund and the income from it can go down as well as up so you may get back less than you invested. If your fund invests in overseas markets, changes in currency exchange rates may affect the value of your investment. If your fund invests in small and emerging markets, these can be more volatile than other more developed markets. Past performance is not a guide to future returns.For funds that invest in bonds, please be aware that the price of bonds is influenced by movements in interest rates, changes in the credit rating of bond issuers, and other factors such as inflation and market dynamics. In general, as interest rates rise the price of a bond will fall. The risk of default is based on the issuer's ability to make interest payments and to repay the loan at maturity. Default risk may therefore vary between different government issuers as well as between different corporate issuers.

Some of the performance and risk data presented may start before the share class was launched. If so, the data prior to the launch date of the share class is based on the fund or share class that has similar or higher charges, in order to provide an indication of longer term performance and risk. Please refer to the launch date and performance start date in the fund factsheet to determine whether the data has been extended.Past Performance and Risk & Volatility figures are presented in British Pounds Sterling (GBP). Fund returns are calculated on a Nav to Nav or Bid to Bid basis with income reinvested either after tax (for UK-domiciled funds) or gross of tax (for offshore funds). Performance figures include the effect of the OCF/TER. To cover distribution costs a separate service fee is now also charged on most funds, which is not included in the past performance figures. Consequently the past performance of the fund may be less than that shown on the chart due to the effect of the service fee.

Important information

Fidelity Personal Investing does not give advice based on personal circumstances so you are responsible for deciding whether an investment is suitable for you. In doing so, please remember that past performance is not necessarily a guide to future performance, the performance of funds is not guaranteed and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. Before investing into a fund, please read the relevant Key Investor Information Document (KIID) and/or the Fund Specific Information (FSI) and ‘Doing Business with Fidelity’, a document that incorporates our Client Terms. If you are investing via the Fidelity SIPP you should also read the Fidelity SIPP Key Features document incorporating the Fidelity SIPP Terms and Conditions. You should regularly review your investment objectives and choices and if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser.